ASCOGU大会召开在即，板块波动中持续看好低估创新标的

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The upcoming ASCO GU conference is expected to showcase significant data from over 70 studies led by Chinese experts, which may catalyze market performance for innovative pharmaceutical companies [4][5] - The report suggests a stable outlook for the sector in 2026, despite potential short-term volatility, emphasizing the importance of fundamental analysis and valuation in stock selection [4] Valuation Summary - The report provides a detailed valuation overview of various companies, with all listed companies rated as "Buy" except for Heng Rui Pharmaceutical and Bristol-Myers Squibb, which are rated as "Neutral" and "Sell" respectively [3] - Notable target prices and current prices include: - AstraZeneca (AZN US): Target Price 93.30, Current Price 203.98 - BeiGene (6160 HK): Target Price 231.00, Current Price 194.40 - Innovent Biologics (1801 HK): Target Price 105.00, Current Price 84.35 [3] Market Performance - During the Spring Festival period (February 10-24, 2026), the Hang Seng Index fell by 2.2%, while the Hang Seng Healthcare Index decreased by 1.5%, ranking 8th among 12 industry indices [4][6] - Sub-industry performance varied, with prescription drugs increasing by 3.4% and internet medicine declining by 5.3% [4][6] Institutional Holdings - As of February 24, 2026, domestic institutional holdings through Hong Kong Stock Connect slightly decreased to 22.2%, while foreign institutional holdings increased to 40.0% [31] - The report highlights a trend of increased foreign investment in innovative pharmaceutical and CXO companies, aligning with domestic investment strategies [35] Investment Recommendations - The report recommends focusing on undervalued innovative drug companies such as Sanofi, Hengrui Medicine, and others with clear long-term growth logic [4] - It also suggests looking into CXO leaders benefiting from high downstream demand and improving financing conditions [4]